2013 (8) TMI 238

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.... is admitted for consideration of following substantial question of law:      "Whether the Income Tax Appellate Tribunal was right in law and in facts in holding that the payment of a sum of Rs. 51.56 crores made by the assessee-bank to the Provident Fund Companies there expanded wholly and fully for the purpose of business or whether sum having been paid voluntarily without....

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....Officer which was partially deleted by the CIT(A). Such order of CIT(A) gave rise to cross appeals at the hands of the assessee as well as the revenue. Tribunal confirmed the view of the CIT(A) making following observations:      "33. We have heard the rival contentions and perused the material on record, The undisputed facts are that during the year the assessee has earned ....

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....3-04 are identical to the facts of the case in AY 2002-03 and accordingly he has followed the decision of CIT(A) for AY 2002-03. These facts have not been controverted by the Ld. D.R. nor have they brought on record any facts to the contrary. Hon'ble Bombay High Court in case of CIT v. Reliance Utilities & Power Ltd. (supra) has held that if there are interest free funds available to an assessee s....

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....ontention of the Revenue that directly or indirectly some expenditure is always incurred which must be disallowed u/s. 14A cannot be accepted. Disallowance u/s. 14A requires finding of incurring of expenditure. In the present case, the AO has presumed that the assessee might have incurred expenditure to earn the exempt income. He has not given any finding of incurring of expenditure. In view of th....